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Journal Article
Interview with Kenneth Rogoff
Interview with Harvard economist about financial globalization, risks to central bank independence and the history of financial crises.
Journal Article
An independent central bank in a democratic country: the Federal Reserve experience
Remarks before the University of Chicago Law School Conference on Central Banks in Eastern Europe, Chicago, Illinois, April 22, 1994.
Speech
Factors affecting efforts to limit payments to AIG counterparties
Testimony before the Committee on Government Oversight and Reform, U.S. House of Representatives.
Journal Article
Independence + accountability: why the Fed is a well-designed central bank
In 1913, Congress purposefully created the Federal Reserve as an independent central bank, which created a fundamental tension: how to ensure the Fed remains accountable to the electorate without losing its independence. Over the years, there have been changes in the Fed?s structure to improve its independence, credibility, accountability, and transparency. These changes have led to a better institutional design that makes U.S. policy credible and based on sound economic reasoning, as opposed to politics. In times of financial and economic crisis, there is an understandable tendency to ...
Journal Article
The Fed in a political world
Speech
Defending central bank independence
"Monetary policy acts with a lag. I liken it to a good single malt whiskey or perhaps truly great tequila: It takes time before you feel its full effect. The Fed has to be very careful now to add just the right amount of stimulus to the punchbowl without mixing in the potential to juice up inflation once the effect of the new punch kicks in." ; Remarks at Instituto Tecnologico Autonomo de Mexico, Mexico City, Mexico, February 7, 2008.
Speech
Lessons learned, convictions confirmed
"In theory, the Fed's monetary policy and regulatory functions are separate. In practice, they are anything but--rather, it is a symbiotic relationship. The past two years have highlighted the interconnections of monetary and regulatory policy: Monetary policy depends upon regulation that ensures the soundness of financial institutions." ; Remarks before the Council on Foreign Relations, New York City, March 3, 2010.
Journal Article
Two types of paper: the case for Federal Reserve independence
Speech
Risks to sustained economic recovery (with lessons learned from Winston Churchill and Teddy Roosevelt)
"If the Congress is not careful and ends up where it is going in tampering with the independence of the Federal Reserve, it will indeed lead us down the path to the politicization of the central bank of the world's greatest economy, putting the United States on a road that leads directly to economic ruin." ; Remarks before the Annual Meeting of the Waco Business League, Waco, Texas, January 12, 2010.